Buy a fixer-upper, as is, or a foreclosure with FHA 203k loan and turn it into your dream home. For more details about 203k loan, visit http://www.cfs203k.com. CFS Mortgage and RenovationReady brings together more than 50 years of traditional and renovation lending know-how.
1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home. Price, and exactly HOW much of a "fixer-upper" you want, will be important factors.
Put together your Team of real estate professionals and shop 'til you drop!
I see you barely received any replies, shame on everyone :).
I can help you Carla, if you work with me here. Before we go on, maybe you could tell me if you have a time frame by which you would need to find a new home. Do you know where in park slope you would like to live and what did you want to fix up. Are you in search of a condo, a brownstone, a coop, how much, how large and how much fixing did you want to do to it, a full gut renovation or just cosmetics?
Looking forward to having this discussion.